Advertising a product at a very attractive price(the bait) and then informing the consumer, once he or she is in the store, that the advertised product is either not available or is of poor quality; the customer is then urged to purchase (switched to) a more expensive item)

Cease-and desist order

An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.

Consumer law

The body of statues, agency rules, and judicial decisions protecting consumers of goods and services from dangerous manufacturing techniques, mislabeling, unfair credit practices, deceptive advertising, and so on. Consumer laws provide remedies and protections that are not ordinarily available to merchants or businesses.

"cooling off" laws

A set of federal and state laws designed o protect purchasers and leases of goods or property. For example, the Federal Trade Commission's cooling-off period is three business days for purchases of goods or services from door-to-door salespersons. Cooling off periods vary for loans, mortgages, leases etc.

Counteradvertising

New advertising that is undertaking pursuant to a federal trade commission order for the purpose of correcting earlier false claims that were made about a product.

Deceptive advertising

Advertising that misleads consumers, either by making unjustified claims concerning a products performance or by omitting a material fact concerning the products composition or performance.

Multiple product order

An order issued by the Federal Trade Commission to a firm that has engaged in deceptive advertising by which the firm is required to cease and desist from false advertising not only in regards to the product that was the subject of the action, but also in regards to the firm's other products.

Regulation Z

A set of rules promulgated by the federal reserve board to implement the provisions of he truth in lending act.

Validation notice

A initial notice to a debtor from a collection agency informing the debtor that he or she has thirty days to challenge the debt and request verification

Bankruptcy relief is provided under_______law.

Federal

Congressional authority to provide bankruptcy relief for debtors is based on article______, section____, or the us constitution.

Article I section 8

Article I section 8

Gives congress the power to establish, "uniform laws on the subject of bankruptcies throughout the united states"

Federal bankruptcy law was first enacted in ______.

1898

What was bankruptcy law based off of before 2005?

It was based on the bankruptcy reform act of 1978

What are the two main goals that modern bankruptcy law is designed to accomplish?

1.provide relief and protection to debtors who have, "gotten in over their heads"

2. To provide a fair means of distributing a debtor's assets amongst all creditors.

Why was bankruptcy legislation reformed in 2005?

It was believed that the 1978 act allowed too many debtors to avoid paying their debts

Where are bankruptcy proceedings held?

federal bankruptcy courts

What are federal bankruptcy courts under the authority of?

us district courts

Who can bankruptcy rulings be appealed to?

district courts

Essentially, a bankruptcy court fulfills the role of who concerning matters in bankruptcy?

an administrative court for the federal district court

Bankruptcy judges are appointed for terms of _______years.

Fourteen

Can a bankruptcy court conduct a jury trial

yes, if the appropriate district court has authorized it and the parties to the bankruptcy consent.

bankruptcy courts follow the federal rules of _____ procedure rather than the federal rules of_____procedure.

bankruptcy, civil

The bankruptcy code is contained in _____ of ______ and has ______chapters.

title 11 of the united states code and has eight

four chapters of the code hat set forth the most important types of relief that debtors can seek.

7,11,12,13

Chapter 7

provides for liquidation proceedings(the selling of all nonexempt assets and the distribution of the proceeds to the debtor's creditors.)

chapter 11

Governs reorganizations

Chapter 12 and 13

12(family farmers and fishermen) and 13 (for individuals) provide for the adjustment of debts by persons with regular incomes.

Do you need to be insolvent to declare bankruptcy?

nope

Who can file a bankruptcy?

Anyone obligated to a creditor can declare bankruptcy.

The code requires that the clerk of the court give all ______________ written notice of the general purpose, benefits, and costs of each chapter under which they might proceed. In addition, they must provide them with information on the types of services available from credit counseling agencies.